Kromek set for record revenues in 2022

Detection technology specialist Kromek has emerged from its latest financial year in a “stronger position” despite “significant global uncertainty”. The company has also secured a number of new contracts and revealed it is set to generate its highest ever revenue figure in 2022.

In the year to 30 April 2021 Kromek turned over £10.4m, down from £13.1m 12 months earlier.

Pre-tax profits narrowed to £6.3m from £18.3m, although Adjusted EBITDA losses were £1.7m, up from £400,000 in 2020.

Gross margin increased to 48.4 per cent from 47.3 per cent.

Kromek chief executive Dr Arnab Basu said: “While the disruption across our markets in the early part of the year impacted our sales, our revenue for the second half was 26 per cent above the first half, with the strong momentum continuing post year end.

“In particular, we are seeing continued traction in the medical imaging segment as our customers increasingly roll out their products incorporating our technology. We are extremely encouraged by the results that we are receiving from the piloting of our biological-threat detection solution.

“We also believe that we are well-positioned to benefit from the increase in government defence and security spending globally, including in the UK, as evidenced by our announcement today of the receipt of our first major order for our D5 RIID.”

Dr Basu said Kromek is “on track” to deliver its highest ever annual revenue for the year to 30 April 2022 due to “excellent visibility”.

“Consequently, and combined with the successful fundraising completed in the year under review, we are well-placed to capitalise on the substantial opportunities across our business and the Board continues to look to the future with increased confidence,” he added.

Kromek has secured a number of new contracts, including one worth £349,000 in biological-threat detection.

The company will work with the UK Ministry of Defence, through its Defence and Security Accelerator Open Call for Innovation programme, to develop its technology to meet defence and security requirements for wide-area monitoring of biological pathogens.

It has also won work in its nuclear segment and security screening for industrial applications.

News source: Insider Media North East

Arnab Basu CEO of NETPark based Kromek

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